The EUR/USD pair has been struggling as sellers keep the price subdued, causing it to pierce the 1.0600 support level and hit new multi-week lows on Thursday. While the USD remains the focus, there is little news to influence the pair, leaving speculation around the Fed's tighter-for-longer stance as the primary driver of sentiment. However, expectations of rate hikes by both the ECB and the Fed in March appear firm.
On the domestic front, final figures for inflation in January in the broader Euroland will be an important event, along with revisions of Q4 GDP Growth Rate, Initial Claims, and the Chicago Fed National Activity Index later in the NA session.
Moving forward, price action around the European currency is likely to continue to follow dollar dynamics and the potential next moves from the ECB after another 50 bps rate raise in March. While concerns about a recession in the euro area have dwindled, they still remain a significant driver of the ongoing recovery in the single currency, along with the hawkish narrative from the ECB.
Key events this week include the EMU Final Inflation Rate on Thursday and Germany's Final Q4 GDP Growth Rate and GfK Consumer Confidence on Friday. However, issues such as the continuation of the ECB hiking cycle, the impact of the Russia-Ukraine war on the region's growth prospects and inflation outlook, and the risks of inflation becoming entrenched are also on the back boiler.
On the domestic front, final figures for inflation in January in the broader Euroland will be an important event, along with revisions of Q4 GDP Growth Rate, Initial Claims, and the Chicago Fed National Activity Index later in the NA session.
Moving forward, price action around the European currency is likely to continue to follow dollar dynamics and the potential next moves from the ECB after another 50 bps rate raise in March. While concerns about a recession in the euro area have dwindled, they still remain a significant driver of the ongoing recovery in the single currency, along with the hawkish narrative from the ECB.
Key events this week include the EMU Final Inflation Rate on Thursday and Germany's Final Q4 GDP Growth Rate and GfK Consumer Confidence on Friday. However, issues such as the continuation of the ECB hiking cycle, the impact of the Russia-Ukraine war on the region's growth prospects and inflation outlook, and the risks of inflation becoming entrenched are also on the back boiler.
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